{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-4030.4","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-4030.4","heading":"Conditions for approval of annuity contracts by","body":"Commissioner - Conditions for termination of contracts.\n\nA. In the case of contracts issued on or after November 1,\n\n2000, except as provided in Section 4030.3 of this title, no\n\ncontract of annuity, except as stated in Section 4030.13 of this\n\ntitle, shall be delivered or issued for delivery in this state\n\nunless it contains in substance the following provisions, or\n\ncorresponding provisions which in the opinion of the Insurance\n\nCommissioner are at least as favorable to the contract holder, upon\n\ncessation of payment of considerations under the contract:\n\n1. That upon cessation of payment of considerations under a\n\ncontract, the company shall grant a paid-up annuity benefit on a\n\nplan stipulated in the contract of such value as is specified in\n\nSections 4030.6, 4030.7, 4030.9 and 4030.11 of this title;\n\n2. If a contract provides for a lump sum settlement at\n\nmaturity, or at any other time, that upon surrender of the contract\n\nat or prior to the commencement of any annuity payments, the company\n\nshall pay in lieu of a paid-up annuity benefit a cash surrender\n\nbenefit of such amount as is specified in Sections 4030.6, 4030.7,\n\n4030.9 and 4030.11 of this title. The company may reserve the right\n\nto defer the payment of the cash surrender benefit for a period not\n\nto exceed six (6) months after demand therefor with surrender of the\n\ncontract after making written request and receiving the written\n\napproval of the Commissioner. The request shall address the\n\nnecessity and equitability to all policyholders of the deferral;\n\n3. A statement of the mortality table, if any, and interest\n\nrates used in calculating any minimum paid-up annuity, cash\n\nsurrender or death benefits that are guaranteed under the contract,\n\ntogether with sufficient information to determine the amounts of the\n\nbenefits; and\n\n4. A statement that any paid-up annuity, cash surrender or\n\ndeath benefits that may be available under the contract are not less\n\nthan the minimum benefits required by any statute of the state in\n\nwhich the contract is delivered and an explanation of the manner in\n\nwhich the benefits are altered by the existence of any additional\n\namounts credited by the company to the contract, any indebtedness to\n\nthe company on the contract or any prior withdrawals from or partial\n\nsurrenders of the contract.\n\nB. Notwithstanding the requirements of this section, a deferred\n\nannuity contract may provide that if no considerations have been\n\nreceived under a contract for a period of two (2) full years and the\n\nportion of the paid-up annuity benefit at maturity on the plan\n\nstipulated in the contract arising from prior considerations paid\n\nwould be less than Twenty Dollars ($20.00) monthly, the company may\n\nat its option terminate the contract by payment in cash of the then\n\npresent value of the portion of the paid-up annuity benefit,\n\ncalculated on the basis on the mortality table, if any, and interest\n\nrate specified in the contract for determining the paid-up annuity\n\nbenefit, and by this payment shall be relieved of any further\n\nobligation under the contract.","path":["OK Code","Title 36"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os36.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"c5264aa2a67492f64abe2bbcd5e14bc9effacd17b1a1a87532e03a2ae6436fa0","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-4030.3","next":"us-ok/okla.-stat.-tit.-36-36-4030.5"},"notice":"GroundRules: Original legal text. Not legal advice."}